Global Automotive Blockchain Market Report and Forecast 2024-2032

Global Automotive Blockchain Market Outlook

The global automotive blockchain market size reached approximately USD 852.13 million in 2023. The market is projected to grow at a CAGR of 31.4% between 2024 and 2032, reaching a value of nearly USD 9951.02 million by 2032.

Key Trends in the Market

Automotive blockchain refers to the utilisation of blockchain technology in the automotive sector. It uses  smart features such as management of records and decentralisation. Automotive blockchain also aids in the transfer of digital money with the use of fabricated smart contracts among parties.

• Automotive blockchain facilitates fraud prevention and process automation, which is expected to boost its deployment in carsharing and ridesharing services. The use of the technology can eliminate the requirement for an intermediary while enhancing the affordability of rides; such benefits positively influence the expansion of the automotive blockchain market.

• Additionally, automotive blockchain is deployed for improving supply chain management systems, processing payments, and efficiently tracking the movements of vehicle parts and raw materials.

• A more secure and efficient transfer of ownership of the vehicle can be achieved through automotive blockchain as it can create a secure digital identity for vehicles and maintain the privacy of the parties involved.

Market Analysis

On the basis of application, the market is divided into financing, mobility solutions, smart contracts, and supply chain. Based on provider, the market is segmented into application and solutions, middleware, and infrastructure and protocol.

By mobility, the market is classified into personal mobility, shared mobility, and commercial mobility. On the basis of region, the market is segregated into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global automotive blockchain market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Accenture Plc

• IBM Corporation

• Microsoft Corporation

• carVertical, LLC

• Helbiz (micromobility.com Inc.)

• Tech Mahindra Ltd

• HCL Technologies Limited

• Marelli Holdings Co., Ltd.

• NXM Labs, Inc.

• BMW AG

• Others

Market Share by Application

Supply chain accounts for a major share in the automotive blockchain market as the automotive supply chain faces various challenges, including poor traceability and tracking of parts and risk of data tampering, among others. Automotive blockchains can aid in overcoming these challenges by improving transparency and enhancing the traceability of parts and transactions.

Market Share by Region

North America is anticipated to account for a significant portion of the market share for automotive blockchain over the forecast period. This is due to the presence of key players in the region and the rising demand for decentralised financial solutions in the automotive sector.

Technological advancements and innovations, along with the integration of other technologies such as IoT in automotive blockchain, are expected to provide rapid growth opportunities to the market in the coming years.

Competitive Landscape

Accenture Plc is a professional services company that was founded 1989 and is headquartered in Dublin, Ireland. It provides services and solutions in consulting, strategy, operations, and digital technology.

IBM Corporation is a multinational technology corporation that was established in 1911 and is based in New York, the United States. It is known for its flagship hardware and software products such as storage systems, servers, and computers.

Microsoft Corporation is a multinational technology corporation that was founded in 1975 and is headquartered in Washington, the United States. Its specialities include business software, windows applications and platforms, quantum computing, and artificial intelligence, among others.

Other market players include carVertical, LLC, Helbiz (micromobility.com Inc.), Tech Mahindra Ltd, HCL Technologies Limited, Marelli Holdings Co., Ltd., NXM Labs, Inc., and BMW AG, among others.

Key Highlights of the Report